Business
Plains All American Pipeline, L.P. and Plains GP Holdings Report Fourth-Quarter and Full-Year 2019 Results
HOUSTON--(BUSINESS WIRE)-- Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported fourth-quarter and full-year
About this update from Plains Gp Holdings, L.p.
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nPlains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today reported fourth-quarter and full-year 2019 results.\n\n\nHighlights & Announcements\n\n\n\nDelivered fourth-quarter and full-year 2019 financial and operating results ahead of expectations\n\n\nProgressing strategic / complementary projects that align with long-term industry partners\n\n\nExpect material annual reductions of organic growth capital investment in 2021 and 2022 as projects are completed\n\n\nAdvancing portfolio optimization initiatives:\n\n\nTargeting ~$600 million of 2020 divestitures (non-core asset sales and strategic JVs)\n\n\nCompleted a ~$300 million strategic transaction with Felix Midstream (extension and modification of existing acreage dedication and gathering agreement and bolt-on acquisition of Delaware Basin gathering system)\n\n\n\n\n\n“We executed well on our 2019 goals and key initiatives, capping the year with fourth-quarter and full-year 2019 results that exceeded expectations,” stated Willie Chiang, Chairman & CEO of Plains All American Pipeline. “We enter 2020 expecting a more competitive market environment. We have a solid financial position and continue to optimize our base business, high-grade our asset portfolio, execute our capital program and streamline the organization to drive efficiencies. Looking to 2021 and beyond, we expect continued growth in fee-based cash flow and a meaningful reduction in capital investment to improve leverage and benefit free cash flow.”\n\n\n\n\nPlains All American Pipeline, L.P.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nSummary Financial Information (unaudited)\n(in millions, except per unit data)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nDecember 31,\n\n\n\n \n\n\n\n% \n\n\n\n \n\n\n\n \n\n\n\nTwelve Months Ended\nDecember 31,\n\n\n\n \n\n\n\n% \n\n\n\n\n\nGAAP Results\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nNet income attributable to PAA\n\n\n\n \n\n\n\n$\n\n\n\n306\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,117\n\n\n\n \n\n\n\n \n\n\n\n(73)\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2,171\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2,216\n\n\n\n \n\n\n\n \n\n\n\n(2)\n\n\n\n%\n\n\n\n\n\nDiluted net income per common unit\n\n\n\n \n\...